Indus OS raises Rs 33 cr in series A

Regional smartphone operating system Indus, formerly known as Firstouch, has raised about 33 crore ($ 5 million) as series A funding, led by global investment fund Omidyar Network.

The firm expects to use the money to expand the team and foray into other geographies.

It plans to partner with mobile phone brands and expand to other geographies.

It has tied-up with DeitY (Department of Electronic and Information Technology) to introduce text-to-speech technology in regional languages, which will be integrated in native operating systems. The company said that they already have close to 2 million users on board,

"We have a strong bias towards technology innovations that solve large-scale problems through local solutions, we like the intellectual Property that this team has created," said Badri Pillapakkam, director of Investments at Omidyar Network.

The company is backed by angel investors such as Snapdeal co-founders Rohit Bansal and Kunal Bahl, Quikr founder Pranay Chulet, InMobi co-founders Naveen Tewari and Amit Gupta and Hari Padmanabhan and Mayank Singhal from Temasek.

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After PSU banks, the government is likely to infuse capital in two chronically ill telecom PSUs BSNL and MTNL, and the Union Cabinet is likely to take a decision on 4G spectrum allocation to them by the third week of the current month after DoT places the note before it for consideration.

At a high-level meeting at the PMO late Tuesday, it was also decided that the two telcos will frame a Voluntary Retirement Scheme (VRS) to reduce their employee strength, which will be followed by a reduction in the retirement age to 58.